54% agree with $1-B EU bailout fund

MANILA, Philippines —Many INQUIRER.net readers agree with the Banko Sentral ng Pilipinas’ (BSP) decision to extend a $1 billion loan to the International Monetary Fund as part of a bailout fund for the European Union.

A total of 2,041 respondents, or 54 percent, said they agree with the bank’s decision.

But the informal online poll also showed that 46 percent of respondents, or 1,723, said they do not agree with the BSP’s commitment to contribute to the fund, which the central bank said will be used for the stabilization of the global economy.

A total of 3,764 readers participated in the survey.

Various sectors have opposed the loan saying that the amount should instead be used for local development projects.

But the government defended the proposal, saying this will help overseas Filipino workers in European countries and that the BSP will earn interest from the loan.